Benchmarks trade with minor gains; Nifty above 18,100

The key equity barometers were trading with decent gains in morning trade. The Nifty traded above the 18,100 level. Metal, financial services and IT shares were in demand while PSU bank, realty and auto shares saw a bit of selling pressure.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 203.05 points or 0.33% to 60,858.77. The Nifty 50 index added 56.80 points or 0.31% to 18,110.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was strong. On the BSE, 1,911 shares rose, and 1,236 shares fell. A total of 182 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 211.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 90.81 crore in the Indian equity market on 17 January, provisional data showed.

Earnings Today:

IndusInd Bank (up 0.27%), Persistent Systems (up 0.33%), Central Bank of India (down 0.77%), Rallis India (down 0.34%), Oracle Financial Services Software (down 0.18%), CCL Products (India) (up 2.53%), Alok Industries (up 1%), PSP Projects (down 0.06%), Stylam Industries (up 1.67%), Surya Roshni (up 0.71%), Wendt (India) (up 2.58%) will announce their quarterly results later today.

Buzzing Index:

The Nifty Metal index gained 1.19% to 29,634.70, extending gains for the second day. The index advanced 1.40% in two trading sessions.

Hindustan Zinc (up 3.9%), APL Apollo Tubes (up 2.83%), Jindal Steel & Power (up 2.04%), Hindalco Industries (up 1.85%), Tata Steel (up 1.84%), Steel Authority of India (up 1.61%), Vedanta (up 1.51%), Jindal Stainless (up 1.41%), JSW Steel (up 0.83%) and MOIL (up 0.74%) advanced.

On the other hand, Adani Enterprises (down 0.77%) and Ratnamani Metals & Tubes (down 0.05%) edged lower.

Stocks in Spotlight:

Maruti Suzuki India rose 0.17%. The car major has recalled a total of 17,362 vehicles manufactured between 8 December 2022 and 12 January 2023 to inspect and replace airbag controller (affected part), free of cost, if required in these vehicles. The affected models are Alto K10, S-Presso, Eeco, Brezza, Baleno and Grand Vitara.

Delta Corp slipped 4.09%. The gaming and casino firm's consolidated net profit rose 20.5% to Rs 84.82 crore on 10.58% increase in net sales to Rs 273.37 crore in Q3 FY23 over Q3 FY22.

Sundram Fasteners rose 1.36% after the company announced that it secured a $250-million contract from a leading global automobile manufacturer for supplying sub-assemblies for its electric vehicle (EV) platform.

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